- According to a study conducted by Grand View Research, Inc. the global protein ingredients market is expected to grow to $33.91 billion by 2020.
- The market for animal proteins is expected to grow the fastest. Valued at $15.23 billion, it is forecast to rise at a CAGR of 7.3% from 2014 to 2020.
- The study also revealed that of the animal proteins, eggs compose the largest segment, forming 40% of global volume.
According to Grand View Research, protein is essential for maintaining a healthy body. Protein in general helps helps people remain fit and whey protein has also demonstrated many benefits to cancer patients. For these reasons, the demand for protein has increased and manufacturers are looking for ways to incorporate it in products such as infant formula and cosmetics.
The improvement of protein-processing technologies has also contributed to the market growth. The rise of new tools that allow for the use of proteins to create food products such as concentrated beverage powders, sour cream, and other cheese-like products has led to the growing demand for protein ingredients.
Despite the expected growth, the market is expected to face some challenges due to volatile food prices. The prices of soybeans keep fluctuating, leading many manufacturers to stop making products. If consumers fail to find alternatives to soy and prices continue to fluctuate, the protein ingredients market may suffer, according to Grand View Research.